Welcome to our dedicated page for Standard Motor Products news (Ticker: SMP), a resource for investors and traders seeking the latest updates and insights on Standard Motor Products stock.
Standard Motor Products, Inc. (NYSE: SMP) is a leading independent manufacturer and distributor of replacement parts for motor vehicles in the automotive aftermarket industry. Established in 1919, SMP has built a reputation for delivering high-quality automotive parts that meet the rigorous demands of today’s vehicles. The company operates through two main segments: Engine Management and Temperature Control.
The Engine Management segment produces a comprehensive range of parts for ignition, emission, and fuel systems. This includes sensors, fuel injectors, ignition coils, and more. On the other hand, the Temperature Control segment is focused on manufacturing and remanufacturing automotive air conditioning and heating system parts, such as compressors, condensers, and blower motors.
SMP has recently emphasized expanding into the original equipment and original equipment service markets, enhancing its product offerings and market reach. The company’s products are marketed across the United States, Canada, Latin America, Europe, and Asia through both traditional and non-traditional channels.
In the latest financial results for the third quarter of 2023, SMP reported net sales of $386.4 million, a 1.3% increase compared to the same period in the previous year. Earnings from continuing operations were $24.9 million or $1.12 per diluted share. The company continues to see growth in its Engineered Solutions segment, driven by strong demand from existing customers and new business wins.
Looking ahead, SMP has announced the opening of a new distribution center in Shawnee, KS, set to begin phased operations in early 2025. This 575,000 sq.ft. facility will enhance the company’s logistics capabilities and expand its capacity for all aftermarket product categories.
SMP’s commitment to innovation, quality, and customer satisfaction has solidified its position as a key player in the automotive parts industry. The company's ongoing initiatives to reduce inventory and debt, along with its strategic growth plans, are expected to drive future profitability and market presence.
With a history of strong financial performance and a clear vision for the future, Standard Motor Products, Inc. continues to be a trusted partner in the automotive aftermarket industry.
Standard Motor Products, Inc. (SMP) has appointed Anthony Cristello as the new Vice President of Investor Relations. He will lead the company's global investor relations and corporate communications efforts, enhancing corporate messaging and supporting business development. Cristello brings over 20 years of experience, previously serving as Senior VP of Corporate Development at All States Ag Parts and holding roles at various companies within the auto parts sector. CEO Eric Sills expressed confidence in Cristello's ability to strengthen investor relations as SMP executes its corporate strategy.
Standard Motor Products reported consolidated net sales of $370.3 million for Q3 2021, marking an 8% increase from Q3 2020. Earnings from continuing operations were $29.2 million or $1.29 per diluted share, down from $36.2 million in 2020. Year-to-date sales reached $988.9 million, up 17% from the previous year. The company acquired Stabil Operative Group, expanding its original equipment business. Additionally, it repurchased $15.4 million in common stock and announced a new $30 million buyback plan, while maintaining a quarterly dividend of 25 cents per share.
Standard Motor Products, Inc. (NYSE: SMP) is set to release its earnings report for the three and nine months ending September 30, 2021, on October 28, 2021, before the market opens. A conference call will follow at 11:00 AM ET, where investors can discuss the results. Dial-in numbers for domestic and international participants are provided. This earnings call will be crucial for investors looking to understand the company's financial performance amidst the ongoing supply chain challenges in the automotive industry.
On October 19, 2021, Standard Motor Products (SMP) announced the winners of its 2021 Scholarship Program, awarding a total of $50,000 across three scholarship initiatives. Ten students pursuing automotive technology or repair received $5,000 each, selected from nearly a thousand applicants based on their responses to career-related questions. The scholarships included the Intermotor® 'Import Leader', Blue Streak® 'Better Then, Better Now', and SMP® 'Women in Auto Care'. The program supports future technicians in the automotive sector, highlighting SMP's commitment to education in this field.
Standard Motor Products (NYSE: SMP) has acquired 100% of Stabil Operative Group GmbH, a German manufacturer focused on electronic sensors, control units, and clamping devices for the European OE market, generating approximately $25 million in annual revenue. The acquisition, funded through a revolving credit facility, is expected to be accretive to diluted earnings per share by 2022. This strategic move enhances SMP's product portfolio, expands its global manufacturing footprint, and offers synergies with existing operations in Poland.
Standard Motor Products reported strong Q2 2021 results, with consolidated net sales reaching $342.1 million, up from $247.9 million in Q2 2020. Earnings from continuing operations were $28.0 million or $1.23 per diluted share, compared to $11.8 million or 52 cents per diluted share in the prior year. Year-to-date sales increased 23% and earnings surged 135% versus 2020. The Board approved a quarterly dividend of 25 cents per share, payable on September 1, 2021. The company continues to expand in original equipment markets amid strong demand and successful acquisitions.
Standard Motor Products, Inc. (NYSE: SMP) is set to release its earnings report for the second quarter of 2021 on August 4, 2021, prior to market opening. This report will cover the financial results for the three and six months ending June 30, 2021. Following the earnings announcement, a conference call will be held at 11:00 AM ET on the same day, providing a platform for discussing the results in detail. Interested parties can join via specific dial-in numbers provided.
Standard Motor Products, Inc. (NYSE: SMP) announced the acquisition of 100% of Trumpet Holdings, Inc. (Trombetta) for $108 million, expected to be accretive to earnings in 2021. Trombetta, generating approximately $60 million in annual revenue, specializes in power management products for various markets, with facilities in the U.S. and a joint venture in China. The acquisition aligns with SMP's strategy to expand into related markets and enhance its capabilities in the aftermarket sector, leveraging Trombetta's manufacturing and engineering strengths.
Standard Motor Products (NYSE: SMP) reported consolidated net sales of $276.6 million for Q1 2021, up 8.7% from $254.3 million in Q1 2020. Earnings from continuing operations rose to $22.2 million or 97 cents per diluted share, compared to $9.6 million or 42 cents in the previous year. The company will distribute a quarterly dividend of 25 cents per share on June 1, 2021. Key factors include strong demand in Temperature Control sales, up 21.4%, despite facing inflationary pressures. Management expresses confidence in continued growth and new business prospects.
Standard Motor Products, Inc. (NYSE: SMP) will report its earnings for Q1 2021 on May 5, 2021, before the market opens. A conference call is scheduled for the same day at 11:00 AM EDT, allowing investors to engage with company representatives. This upcoming earnings release may provide insights into the company’s financial performance during a challenging market period, helping investors gauge future prospects.
FAQ
What is the current stock price of Standard Motor Products (SMP)?
What is the market cap of Standard Motor Products (SMP)?
What does Standard Motor Products, Inc. do?
What are the main segments of SMP?
Where are SMP’s products marketed?
What were SMP’s financial results for the third quarter of 2023?
What recent expansions has SMP announced?
How does SMP ensure the quality of its products?
What is SMP’s approach to financial management?
How does SMP address environmental concerns?
What is SMP’s dividend policy?
How can investors stay updated on SMP’s financial performance?
